# McKesson Corporation (MCK)

> Source: Nexqual · https://nexqual.com/MCK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, McKesson Corporation (MCK), nexqual.com/MCK" · informational, not investment advice.

**Price:** USD 1,012.34 (-0.31% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 1,015.5 · day 1,006.07–1,025 · 52w 723.68–1,030.27 · market cap $118B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $411B, net income $4.59B (1.1% margin), free cash flow $6.42B (SEC filings).
- Valuation: P/E 25.7x (avg 24.3x at the last 3 fiscal year-ends), EV/EBITDA 18.0x, net debt $4.57B.
- 1 of 80 tracked superinvestors hold MCK (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Total return with dividends: 1Y +28.2% vs S&P 500 +14.9%; 5Y +396.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 10.75, revenue estimate $110B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $264B | $277B | $309B | $359B | $403B | $411B |
| Gross profit | $13.1B | $12.4B | $12.8B | $13.3B | $14.6B | — |
| Operating income | $2.04B | $4.38B | $3.91B | $4.42B | $6.21B | $6.50B |
| Net income | $1.11B | $3.56B | $3.00B | $3.29B | $4.76B | $4.59B |
| EPS (diluted) | $7.23 | $25.03 | $22.39 | $25.72 | $38.38 | — |
| Free cash flow | $4.05B | $4.77B | $3.88B | $5.55B | $5.72B | $6.42B |
| Gross margin | 5.0% | 4.5% | 4.2% | 3.7% | 3.6% | — |
| Operating margin | 0.8% | 1.6% | 1.3% | 1.2% | 1.5% | 1.6% |
| Net margin | 0.4% | 1.3% | 1.0% | 0.9% | 1.2% | 1.1% |
| Revenue growth | +10.8% | +4.8% | +11.7% | +16.2% | +12.4% | — |
| Cash + short-term investments | $3.53B | $4.68B | $4.58B | $5.69B | $3.98B | — |
| Total debt | $5.88B | $5.59B | $5.63B | $5.65B | $6.53B | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 25.7x · P/S 0.3x · EV/EBITDA 18.0x · EV/Sales 0.3x · P/FCF 18.4x · FCF yield 5.44% · Earnings yield 3.89% · Dividend yield (paid, TTM) 0.33% · Buyback yield (TTM) 5.68% · Net debt $4.57B · EV $123B
P/E at fiscal year-ends: Mar 2026 22.6x, Mar 2025 26.2x, Mar 2024 24.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MCK. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Stephen Mandel | Lone Pine Capital | 0.27% | $43.7M | Reduced -85.3% |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Mizuho | Target raised | Neutral | $905 → $1020 |
| 2026-10-16 | UBS | Target raised | Buy | $1080 → $1200 |
| 2026-10-07 | Leerink Partners | Target raised | Outperform | $1030 → $1070 |
| 2026-09-14 | RBC Capital | Reiterated | Sector Perform | $845 |
| 2026-08-19 | Barclays | Target raised | Overweight | $925 → $1000 |
| 2026-08-19 | RBC Capital | Initiated | Sector Perform | $845 |
| 2026-08-11 | Wells Fargo | Target raised | Equal-Weight | $812 → $933 |
| 2026-08-06 | TD Cowen | Target raised | Buy | $989 → $1006 |
| 2026-08-06 | UBS | Target raised | Buy | $1050 → $1080 |
| 2026-08-06 | Evercore ISI Group | Target raised | Outperform | $860 → $1000 |
| 2026-07-24 | Citigroup | Target raised | Buy | $945 → $1000 |
| 2026-07-21 | TD Cowen | Target lowered | Buy | $1012 → $989 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +28.2% | +396.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +28.3% | +37.7% |
| Volatility (annualized) | 30.4% | 24.3% |
| Max drawdown | -27.2% (Mar 2026→May 2026) | -25.4% (Feb 2026→May 2026) |

## Peers (Medical Distribution)
COR (Cencora, Inc.) USD 338.48 -0.57% · CAH (Cardinal Health, Inc.) USD 255.64 -0.71% · HSIC (Henry Schein, Inc.) USD 86 +1.16% · AHG (Akso Health Group) USD 1.22 -3.94%

## More
Full page: https://nexqual.com/MCK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name MCK in their own reports (relationship from MCK's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | TAKEDA PHARMACEUTICAL CO LTD (TAK) | 20-F 2026-06-17 | "The sales to Cencora Group, McKesson Group and Cardinal Health Group were JPY 579,065 million, JPY 578,767 million and JPY 436,951 million, respectively, for the year ended March 31, 2024." |
| customer | NextPlat Corp (NXPL) | 10-K 2026-03-31 | "Our primary supplier for the years ended December 31, 2025 and 2024 was McKesson." |
| supplier | KAMADA LTD (KMDA) | 20-F 2026-03-11 | "For the year ended December 31, 2024, sales to our three largest customers, Kedrion, Takeda and McKesson, one of the largest U.S.-based" |
| supplier | SUPERNUS PHARMACEUTICALS, INC. (SUPN) | 10-K 2026-03-02 | "Each of our three major customers, Cencora, Inc., Cardinal Health, Inc., and McKesson Corporation, individually accounted for more than 15% of our total product revenue in 2025 and collectively accoun…" |
| supplier | Amneal Pharmaceuticals, Inc. (AMRX) | 10-K 2026-02-27 | "For the year ended December 31, 2025, our four largest customers, Cencora, Inc., McKesson Drug Co., Cardinal Health, Inc., and CVS Health Corporation, collectively accounted for approximately 71% of o…" |
| supplier | BeOne Medicines Ltd. (ONC) | 10-K 2026-02-26 | "For the year ended December 31, 2025, sales to the Company's three largest product distributors, ASD Specialty Healthcare (Cencora), McKesson and Shanghai Pharmaceutical represented approximately 18.5…" |
| partner | Blackstone Secured Lending Fund (BXSL) | 10-K 2026-02-25 | "At Deloitte, Mr. Bass was responsible for all services provided to Forstmann Little and its portfolio companies and was the advisory partner for Blackstone, DIRECTV, 24 Hour Fitness, McKesson, IMG and…" |
| customer | Medline Inc. (MDLN) | 10-K 2026-02-25 | "Additionally, other distributors of med-surg products similarly connect the fragmented supplier and provider bases and aggregate inventory from suppliers to deliver products to customers, such as McKe…" |
| supplier | Merck & Co., Inc. (MRK) | 10-K 2026-02-24 | "The Company's customers with the largest accounts receivable balances are: McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., which represented approximately 22%, 21% and 13%, respectively…" |
| supplier | Jazz Pharmaceuticals plc (JAZZ) | 10-K 2026-02-24 | "Defitelio is sold to hospital customers through subsidiary specialty distributors of McKesson." |
| supplier | Bausch Health Companies Inc. (BHC) | 10-K 2026-02-19 | "The Company has Distribution Services Agreements ("DSAs") with several large wholesale customers such as McKesson Corporation, Cencora Inc., Cardinal Health, Inc. and McKesson Specialty." |
| supplier | AMGEN INC (AMGN) | 10-K 2026-02-13 | "Our product sales to three large wholesalers, McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., each individually accounted for more than 10% of total revenues for each of the years 2025,…" |
| competitor | Cencora, Inc. (COR) | 10-K 2025-11-25 | "Our largest competitors are McKesson Corporation ("McKesson"), Cardinal Health, Inc. ("Cardinal"), and UPS Logistics, among others." |
| supplier | Embecta Corp. (EMBC) | 10-K 2025-11-25 | "For example, for the fiscal year ended September 30, 2025, gross sales to Cencora, McKesson Corporation, and Cardinal Health, Embecta's three largest distributors, together represented approximately 4…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $10.75 | $10.75 | +0.0% | $109.95B | 15 |
| Next quarter (ends 2026-12-31) | $10.94 | $11.03 | -0.8% | $113.21B | 15 |
| Current fiscal year (ends 2027-03-31) | $44.66 | $44.26 | +0.9% | $431.85B | 16 |
| Next fiscal year (ends 2028-03-31) | $50.63 | $50.33 | +0.6% | $461.42B | 16 |